Casino group Caesars Entertainment Corp has named Mark Frissora as president and chief executive with effect from Wednesday, July 1. It completes a management transition plan announced in February.
Mr Frissora, a former CEO of rental car firm Hertz Global Holdings Inc, joined Caesars Entertainment in February as president and chief executive designate. He replaces Gary Loveman as president and CEO.
Mr Loveman will continue to serve as chairman of Caesars Entertainment and of Caesars Entertainment Operating Co Inc (CEOC), the firm’s operating unit that in January filed for bankruptcy. He will continue to oversee the restructuring of CEOC, the company said in Wednesday’s press release.
“Since joining the company in February, I have visited most of our domestic properties, met with all of the company’s senior leaders and focused my attention on identifying new opportunities to drive growth and efficiency, which will ultimately create shareholder value,” Mr Frissora was quoted saying in the press release.
He added: “Caesars has a diverse collection of assets, a highly engaged management team and employee base, and strong loyalty among its customers. I am working with the leadership team and the board to formulate a multi-year growth strategy for the company that spans our footprint in Las Vegas and other markets.”
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“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”
Vitaly Umansky, Kelsey Zhu and Tianjiao Yu
Analysts at brokerage Sanford C. Bernstein